Magazine

For Luxury Goods, the Recession Is History

Luxury chains including Barneys New York and Saks are selling costlier goods, scaling back discounts and promotions they offered to attract shoppers during the recession.

The average price for U.S. luxury goods, excluding jewelry, jumped 11% in March from the year earlier, according to MasterCard Advisors' SpendingPulse data. Says Milton Pedraza, chief executive of New York-based research firm Luxury Institute: "The get-it-cheap party for luxury consumers has ended."